Weekly News Review - 22nd May 2023
UK Government holds first Net Zero Council
The first-ever meeting of the Net Zero Council was held by the UK government on Tuesday. The meeting was co-chaired by Energy Minister Graham Stuart and Co-op Group chief executive Shirine Khoury-Haq. The aim of the council is to support industry to help cut their emissions, and develop greener practices as well as growing the economy.
The meeting was attended by leaders of some of the world’s leading banks, energy companies, technology giants and finance firms including Siemens, SSE, HSBC, NatWest and Lloyds of London. The council will work to ensure sectors and companies have a pathway to net zero, including looking at the barriers and connections across sectors.
The council will also lead a systematic review of the financing challenges and the respective roles of government, industry and the financial sector in addressing them. Another key objective is identifying key challenges facing SMEs up and down the country in reducing their carbon footprints and supporting their transition with new information and advice.
Energy Minister Graham Stuart said: “The Net Zero Council provides the high-level forum for government, business and finance leaders to work together to unlock the opportunities of the green transition. Tackling emissions can make businesses more energy efficient, improve UK energy security and, in turn, cut costs. It can open up opportunities to export UK developed solutions around the world, expand UK market share and create jobs.”
“The UK has cut its emissions more than any other major economy and the Net Zero Council – meeting today for the first time – will ensure that leaders of UK businesses can help guide government and vice versa so that our environmental leadership translates into economic advantage.”
“The Net Zero Council includes some of the most senior business and finance leaders in the country. I am grateful that such extraordinary people are prepared to contribute their knowledge, experience and talent for the benefit of both this country and future generations.”
UK could unlock £70bn a year in renewable energy, report claims
A new report has claimed that the UK could generate £70bn a year by becoming a major exporter of energy to Europe and by going “beyond net zero” to attract global private investment. The analysis by former government economist Chris Walker has found that by increasing the UK’s renewable electricity generation 50% above its current projections for 2050 it could become a clean energy superpower capable of exporting £17bn of green electricity to Europe a year.
The report, produced for the UK Business Council for Sustainable Development, states that a “beyond net-zero” transition would offer economic opportunities “unseen since the discovery of oil and gas reserves in the North Sea in the 1970s”. It claims that a beyond net zero scenario would deliver an additional £36.4bn of Gross Valued Added (GVA) delivered by clean energy generation as well as a further £14.7bn from lower energy prices.
However, the UK risks missing a “once in a lifetime opportunity” unless government policymakers remove the barriers holding back the UK’s green energy ambitions. The report also warned that National Grid will need to undertake significant upgrades to the electricity network to cope with the massive increase in renewable capacity and storage facilities.
The report said: “The UK’s strong competitive advantages in clean energy generation mean it is uniquely well positioned in the race to net zero which can deliver significant and sustained economic growth, raised productivity and increased exports.”
“Other advanced economies will undertake similar journeys to the UK at the same time. For the UK to cement its leadership in tackling this challenge, crucial public policy decisions need to be taken, backed up by investment from private sector organisations to ensure that the UK makes and captures the necessary investment to capitalise on its strengths.”
Jason Longhurst, chair of the UK Business Council for Sustainable Development, said: “We believe this paper delivers an evidence base to enable our government to drive new incentives to transition, leverage in further private sector investment and position the UK as one of the world’s most investable markets for companies tackling the challenges created by climate change.”
SSE to turn former Ferrybridge coal plant site into 150MW grid battery
SSE Renewables has taken a Final Investment Decision to proceed with the 150MW battery energy storage system (BESS) located at the site of the former Ferrybridge coal-fired power station. The investment is part of SSE’s £12.5bn Net Zero Acceleration Programme with construction due to commence later this month at the iconic site.
The project is expected to be fully operational by late 2024 with a grid connection confirmed for June 2024. Providing flexible generation for the national electricity system will signal a new era for the site in West Yorkshire, England following the decommissioning of the coal plant in 2016. This will be SSE Renewables’ second battery storage project following the 50MW BESS site already under construction in Salisbury, Wiltshire, due to be completed later this year.
Richard Cave-Bigley, Director of Solar and Battery at SSE Renewables, said: “Reaching Final Investment Decision for our Ferrybridge battery storage project is another exciting landmark for us. Located next to the former Ferrybridge coal power station, this important new project demonstrates clearly the transition to net zero while supporting new green jobs.”
“SSE Renewables has almost 2GW of battery and solar projects currently in development or under construction. These technologies are key to helping SSE deliver on its Net Zero Acceleration Programme to provide the green energy we need to decarbonise.”
“By building out more battery storage, we can get more renewable power onto the Grid. That’s because batteries store power in times of surplus generation and release it when it’s needed the most – helping us bring flexibility and balance to the Grid.”
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